Take charge of your money on payday with two linked accounts to help you budget
Savings & Transaction offers
4.75 % P.A.
Total
variable rate
with online offer
4.75% p.a. Total variable rate with online offer
Earn up to 4.75% p.a. with a variable base rate of 0.40% p.a., a variable bonus* rate of 4.25% p.a., and an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online. New customers only on balances remaining below $250,000. After 3 months the total variable rate will apply.
New customers only. Excludes joint accounts. Online bonus offer avaialble for limited time only.
T&Cs apply#
$40
cashback on
your groceries
Open a Complete Freedom account online or in branch and spend at least $160 on your new digital Visa Debit Card within 60 days at Woolworths or Coles and get $40 cashback.
Customers who have held a Bank of Melbourne Transaction account in the last 2 years are ineligible for this offer. Ages 14+ only. Visa Debit Card via a mobile wallet only, either through Tap & Pay or online payment
Offer expires 30 Sep 2025. T&Cs apply*.
What you get
Visa debit card
Access your everyday account wherever Visa is accepted1
Internet banking
Manage your money online wherever you are, whatever you're doing
Automatic transfers
Set up monthly deposits from your everyday account into your savings account via online banking
Spend tracker
All your transactions grouped into categories, to help your track your spending habits
Card Lock
Misplaced your Visa debit card? Temporarily lock your card for up to 15 days while you look for it
Fees you might pay
Complete Freedom
-
$0.00 Account-keeping fee
-
$5.00 Overseas withdrawal fee ($0 when you use our Global Alliance ATM )
-
3.0% Foreign currency conversion
-
Free Periodical payment
-
$0.00 Frequent statement (request statement outside of cycle)
Incentive Saver
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Free Account-keeping fee
-
$5.00 Overseas withdrawal fee ($0 when you use our Global Alliance ATM )
-
3.0% Foreign currency conversion
-
Free Periodical payment
-
Free Frequent statement (request statement outside of cycle)
In detail
How to open accounts with us
Download our app
1. To be eligible for a Visa Debit Card, you must have an Australian residential address and be 14 years old or over.
# Incentive Saver offer: Grow your account balance by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest paid, ensuring your account balance remains between $0 - $249,999.99.
* $40 cashback offer:
To be eligible for this offer, you must:
1. Open a new Bank of Melbourne Complete Freedom account either online or in branch between 1st February 2025 to 30th September 2025 and have a linked Bank of Melbourne Visa Debit Card on the account.
2. Spend a minimum of $160 on eligible transactions (detailed below) within 60 days from the account opening, at Coles or Woolworths supermarkets (excluding subsidiary brands such as Coles Express, Woolworths Metro, service station outlets, and liquor retailers).
3. The offer will commence from the opening date of your Complete Freedom account.
- This offer is available only to customers who open a new Complete Freedom account, either online or in branch. Accounts opened via 3rd Party Brokers are excluded.
- To be considered a new customer, you must not have held a transaction account with the brand of the Complete Freedom account you are opening in the last two years. For example:
- If you currently hold a Bank of Melbourne (BOM) account, you can still open a St.George or BankSA account and be eligible, as long as you haven’t held an account with St.George or BankSA in the last two years.
Eligible Transactions:
- Payments must be contactless, and made using your Visa Debit Card via a mobile wallet only, either through Tap & Pay or online payment (in-store tapping/swiping/inserting of physical cards is not eligible).
- When a mobile wallet is used, the payment option must be set to Visa.
- The minimum total spend of $160 at Coles or Woolworths supermarkets, (excluding subsidiary brands such as Coles Express, Woolworths Metro, service station outlets, and liquor retailers), must be processed to your account within the 60 days from the account opening. Refunds, cancelled purchases, and ineligible transactions (as listed below) are excluded.
Ineligible Transactions:
- EFTPOS cash-out only transactions, purchase of gift cards in a single transaction, third party grocery delivery services (such as Uber), purchases processed through PayPal, Buy Now Pay Later providers, and purchases settled via a linked credit card or Freedom card are ineligible.
- Refunds or cancelled purchases are ineligible spend.
- Joint accounts: Each cardholder’s Visa Debit Card contributes towards the 60 day spending requirement, but only one cashback reward will be issued per joint account. At least one account holder must not have held a Bank of Melbourne transaction account in the last 2 years.
- Account closure: The Complete Freedom account must remain open during the promotion period to be eligible for cashback. If the account is closed, you will forfeit any cashback reward that has not been credited.
Cashback Credit:
- $40 total cashback is available when you meet the $160 eligible spend within 60 days of account opening.
- Cashback will be credited within 60 days of meeting the eligible spend requirement.
- This offer is not available in conjunction with any other offer and can be withdrawn at any time.
- Fees and charges apply. Read the Terms and Conditions (PDF 1MB) (PDF 1MB), including for fees and charges that may apply, before making a decision and consider if it is right for you.
Important Note:
Newly opened Debit Accounts will not require approval. However, card delivery [generally] takes 7 – 10 business days to be mailed to customers.
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